How to pay back a refund and reinstate service
Learn how to increase your future pension benefit by paying back a refund and reinstating service.
To repay a refund and reinstate your service:
- Complete the Reinstatement of a refund request for cost form online
- Print the form
- Attach required documents to the form
- Send the complete package to the WorkSafeBC Pension Plan
When we have reviewed your application, we will send you a statement showing the amount owing and payment due date. The total amount will include the value of your withdrawn contributions, plus interest from the date of the refund up to the end of the month before repayment.
You must pay the full amount by the due date shown on the statement of cost. You can pay by:
- Online banking from your personal bank account
- Cheque, money order or bank draft (payable to WorkSafeBC Pension Plan)
- Transfer from an existing RRSP or locked-in retirement vehicle in your name
- A combination of the above options
If you are reinstating service from before January 1, 1992, the Income Tax Act requires you to pay directly by transferring funds from another registered pension plan, an RRSP or a deferred profit-sharing plan.
You must apply to reinstate service within five years from when you became an active member or before your employment ends at WorkSafeBC, whichever comes first. Members who join the plan on or after January 1, 2017 are not eligible to pay back a refund and reinstate service.
You will only receive a tax receipt if you pay by online banking, cheque, money order or bank draft.
How to pay from an existing RRSP or locked-in retirement vehicle
If you wish to pay by transferring funds from an RRSP or locked-in retirement vehicle, your financial institution must make this transfer to the plan on your behalf. You should instruct your financial institution to send the exact amount owed to the plan by the due date. Ensure that your financial institution does not deduct service fees from your purchase of service payment, as this will result in an incomplete payment.
How to pay through online banking
The following financial institutions are set up for online banking with BC Pension Corporation:
- BC Credit Unions
- TD Bank
To pay an invoice online:
- Sign in to your financial institution's online banking service.
- Under Add a payee, select BC Pension Corporation.
- For your account number, type in your Person ID (PID) number. (You can find your Person ID number on your purchase invoice or statement of cost.)
If you need help making your payment through online banking, contact your financial institution.